The Cole Memo

Cole Preston is joined by Michael Lasley of Illinois News Joint for a wide-ranging conversation about the federal government’s latest cannabis rescheduling developments and what they could mean for Illinois. From Schedule III and 280E tax relief to homegrow protections, interstate commerce, and the future of medical cannabis, the two unpack the massive questions still hanging over the industry. They also discuss Illinois’ unique dual-license structure, whether adult-use dispensaries could eventually become medical, how federal policy is increasingly driven by business interests, and why both believe cannabis is still in the very early stages of legalization. Along the way, they dive into craft cannabis, industry consolidation, homegrow culture, hemp enforcement, amusement parks, and the long history of cannabis in Champaign-Urbana. Watch video version and read full show notes here: https://thecolememo.com/2026/05/05/e277/